Fort Lauderdale Luxury Tower Lands $140M Refi
- Jun 20, 2019
The owner of Icon Las Olas has received a $139.9 million loan with Freddie Mac to refinance the luxury high-rise community in Fort Lauderdale, Fla. Completed in 2017, the 44-story, 272-unit residential tower is the tallest building in the city.
Florida’s Related Group owns the rental property, which it co-developed with Rabina Properties and Perella Weinberg Partners. SunTrust Banks Inc. originated the loan, with executives Justin Ginsberg and Rebecca M. Cox taking the lead on the transaction.
Located at 500 E. Las Olas Blvd., Icon Las Olas provides 21,415 square feet of ground-floor retail and high-end amenities including a wine tasting salon and sky terrace with dipping pool. All units feature floor-to-ceiling glass and the average unit size is 1,516 square feet. The developers broke ground on the project designed by Sieger Suarez Architects in February 2015.
Cushman & Wakefield was hired last year as exclusive advisor to sell the property, according to the brokerage’s corporate website. The property listing indicates that the asset, which achieved stabilization in just over 12 months, is currently under contract.